08:11 AM EDT, 03/19/2024 (MT Newswires) -- Meridian Mining UK. (MNO.TO) on Tuesday said metallurgical tests on copper ores from its Cabacal project in Brazil showed high recoveries of the metal.

The company said use of a specialized solvent pushed recoveries of the metal above the 92.4% result used in the project's preliminary economic analysis, and could boost recoveries of gold and silver as well.

"It is great to see our metallurgical optimization trials indicating the potential for even higher recoveries of Cu than we initially achieved with the PEA. If the Au and Ag results replicate our expectations, this can only improve the already high quality of Cabacal's Cu, Au & Ag concentrates," chief executive Gilbert Clark said in a release.

Meridian said results from the tests will be incorporated into a prefeasibility study for the project.

The company's shares closed down C$0.01 to C$0.39 Monday on the Toronto Stock Exchange.